Global retailer Amazon has announced that its customers will be enabled to make payments through mobile payments service Venmo on the former's platform.
The company stated that in its initial stage, the option will be available to select customers, and it is expected to roll out to all US-based users by Black Friday on both the Amazon site and the mobile app.
To be able to pay through Venmo, users will have to first add their account; they will be able to do so while at checkout on Amazon by selecting ‘Select a payment method’ and choosing the ‘Add a Venmo account’ option. After doing so, they will be redirected to the Venmo app, where they will be able to complete the authentication process. Users will also have the option of choosing Venmo as being their default payment method on that screen for Amazon purchases. When paying with Venmo on Amazon, customers can complete the transaction by using either their Venmo balance, linked bank account, or eligible debit card.
Amazon Worldwide Payment officials have stated that their goal is to offer customers convenient, secure, and easy to use payment options, hoping to meet customers’ needs and preferences by giving the option of paying with cash, buying now, and paying later, or paying via Venmo. Some of the payment methods that are already offered within the ecommerce platform are credit and debit cards from networks like Visa, Mastercard, American Express, Diner’s Club, and JCB.
A ’Netfluential and Edison Trends PayPal and Venmo Study’ notes that Venmo users shop two times more frequently than an average shopper, something that is believed to be beneficial for Amazon when it comes to increasing the transactions’ number on its platform.
Earlier in October 2022, the retail group rolled out Amazon Live in India, a QVC-style livestream shopping service, enabling over 150 creators to host livestreams and plug products in their videos. Additionally, the live content to be included on the website will also incorporate streams from mainstream celebrities such as Bollywood actors and sports players.
In September 2022, the company had three major announcements:
Amazon partnered with Lendistry for the Amazon Community Lending programme which aims to support SMBs through short-term loans at competitive and affordable rates. Small businesses that obtain a loan from Lendistry through the Amazon Community Lending programme can use the funds for business needs such as staffing and operations costs, product development and manufacturing, inventory, and marketing.
In collaboration with Affirm, the BNPL solution provider in the US, Amazon announced the expansion of their flexible payment offering to Canada, giving eligible customers the option of splitting their purchases that exceed USD 50 into monthly payments.
Amazon Layaway was introduced, a financing option that enables customers to hold items and complete the payment in five instalments, with a 20% initial payment; after paying off the remaining four instalments, customers can then come into the possession of said purchase.
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